The IPO-bound vehicle search site CarDekho Group announced its intention to invest $100 million in a combination of loan and stock into Rupyy, a FinTech company.
In September, the monthly disbursement volume for auto loans surpassed Rs 500 crore. By March 2023, the brand hopes to reach annualized disbursements of Rs 10,000 crore.
The firm is now working up pan-India tie-ups with OEMs in the area and will concentrate on EV Financing as part of its initial rollout strategy.
“This infusion from our parent company will amplify the processes manifolds. As we continue to expand in different verticals and enter new regional markets, we aim to represent 35-40 percent of the segment’s market share,” said Namit Jain, Co-Founder, and CEO, Rupyy.
According to CarDekho, which received $250 million in October of last year, raising its valuation to $1.2 billion and making it the country’s third unicorn of 2021, the injection has been intended to build out the NBFC Business, technology, and develop additional product categories.
More than 2,200 car dealerships and distributors nationwide have access to Rupyy’s largest QR code-based loan platform, which was just unveiled in India.
In a matter of months after launching the new car loan category, the company increased its monthly disbursements rate to Rs 50 crore.
“Rupyy is already on a strong growth trajectory and with this infusion, it’s ready to disrupt the entire used car finance business of our country and take it to a whole new level,” said Amit Jain, Co-Founder, and CEO, CarDekho Group.
